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Describe disclosure requirement for kind of events in future

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The financial period for ABC ltd Company will be ended by June 2020. During this financial period, as a result of the change in the currency exchange rate, ABC made $650 000 gain between the time of the sale of goods and the date on which payment was received for the first time. The company had not previously made sales denominated in foreign currencies.

Question 1: Assuming that the quantitative guidelines on materiality in AASB 1031 have been satisfied, describe how this event would be reported in the comprehensive profit statement.

Question 2: In your answer, discuss the disclosure requirement for these kinds of events in future.

Reference no: EM132608641

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